If you want $1.2M, then why (the f-bomb) don’t you ask $1.2M!?

As you know, I was a bit out of the loop lately in regards to San Francisco real estate, and forced to get my updates from a few other sources out there, like the New York Times, San Francisco Chronicle, Bloomberg, the Wall Street Journal, Business Week, Business Times, and sooooo many other “sources”. My God, I thought the world had ended and Michael Phelps had won the Democratic Presidential Nomination! (Oh no wait…he took the place of GOD!…according to the media.) So you could imagine my shock and awe when I called the agents listing 505-507 44th Ave (an Outer Richmond two unit building asking $930,000) and they told me (within the first sentence mind you), and I kid you not, “Don’t even bother asking us to make an appointment if your client can’t pay $1.2M.”

Wait? Come again. (That’s what she said.) It’s listed on MLS as $930,000, the offer date came and went and you’re telling me you want $1.2M?

It was actually a bit worse of a conversation than all that I’ve shared (I can get a bit annoyed), but I cooled it down a bit in the end and got the agent to commit to “trying” to make an appointment. Turns out they had four offers previously and the client decided they want $1.2M.

Shitty market we’re in when you have four offers on the same Outer Richmond two unit building, isn’t it?

But it’s so hard to find 2 units that are both vacant (and no baggage), I am not surprised they got 4 offers when they set the listing price of $930k.

If this place were fixed up and sold as condos, how much do you think it would go for? I would think the final sale price of this unit would be close to the condo price minus the cost to renovate, given the condo conversion is automatic (for now).

House in Glen Park was listed for $1.395m. Sellers turned down two offers higher than that, including ours, because their “number” was $1.48m. They took it off the market when it didn’t sell, relisted it a couple of months later with another agent, and then sold it for $1.34m.